Daily Market Commentary: Further Indecision
($SPX)
via StockCharts.com
The Nasdaq was a little more disappointing as it drifted out of its rising channel on a light loss. It's MACD moved to a 'sell' trigger - although the indicator had flatlined prior to the trigger, weakening the signal.
($COMPQ)
via StockCharts.com
The Russell 2000 gave up a little more but managed to hold the 20-day MA. It had already dropped out of its rising channel and technicals have substantially weakened.
($RUT)
via StockCharts.com
While the semiconductor index is just a few points shy of resistance.
($SOX)
via StockCharts.com
Note the sharp loss in form (particularly in technicals) for the Percentage Nasdaq Stocks Above 50-day MA.
($NAA50R)
via StockCharts.com
The Nasdaq Summation Index is similarly weakening, but not at the rate of the Percentage of Nasdaq Stocks above the 50-day MA.
($NASI)
via StockCharts.com
Based on today's action and increasing weakness in market breadth, traders look like they are heading to the exits.
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